Should you buy in the city, suburbs or country?

Buying your ﬁrst home brings major lifestyle changes – sometimes even a dramatic change in scenery. That’s because homeownership involves taking an honest look at your lifestyle, priorities and goals, and then investing hundreds of thousands of dollars in that vision. One of the ﬁrst things to consider: should you buy where you rent, or house-hunt farther aﬁeld?

CITY SLICKING

There’s a reason why urban real estate comes with a price premium: excellent public transit, plenty of arts and cultural attractions, lots of dining options, and easy access to everything from medical services to gyms and green space. Steady demand translates into a real estate investment that will grow as you build equity in your property.

PROS

Car-free living is a breeze (car share services are everywhere, so there’s no need to stress whenever you do require wheels)

Greater employment opportunities

Shorter commute to work and play

CONSIDERATIONS

Less home for the same price compared with suburbs and rural areas

Condos may be the only affordable option if you want to live right in the city core

Less privacy, thanks to closer quarters and higher population density

SUBURBAN DREAMS

Is it any wonder that generations of parents have flocked to the burbs to raise their families? It’s here that the much-desired single-family detached house rules, with big backyards (picket fence optional), good schools and a higher proportion of households with kids – perfect for impromptu street hockey or tag. While new communities may be low on shops and services, it only takes a few years of growth before cafés and sushi are just a short drive away!

PROS

Lower housing costs mean you get more home for your real estate dollar

COUNTRY LIVING

Fresh, clean air, room to roam, no one to bug you about your bonfire or backyard hens – what could be better, right? Rural living has always appealed to self-reliant types, and in recent years it’s gotten a boost from millennials seeking a more affordable and lower-stress lifestyle (although overall, more people are leaving the country for the city). If you work from home, you can skip the commute and spend the extra time relaxing – or picking up a back-to-the-earth side gig to supplement your income.

PROS

Lower housing costs and more outdoor space for kids, pets and gardens

Easy access to recreational forests and lakes

Better air quality

CONSIDERATIONS

More susceptible to extreme weather: potential to be snowed in; power outages can be more frequent and last longer